Recent News
On September 10, 2025 the company reported fiscal 2025 fourth-quarter results for the period ended June 27, 2025, including $115.3 million in quarterly revenue, $5.2 million in GAAP net income, and adjusted EBITDA of $15.1 million, and provided fiscal 2026 revenue guidance of $440–$460 million with Adjusted EBITDA guidance of $45.0–$55.0 million. On August 27, 2025 Aviat disclosed preliminary fiscal-year results and announced a CFO transition, appointing an interim CFO effective after the Form 10‑K filing. On August 26, 2025 the company introduced an international ETSI version of its IRU600 ultra‑high power all‑indoor microwave radio, highlighting product development for longer links and higher capacity.
Technical Analysis
ADX / DI+/DI-: ADX at 26.47 signals a strong trend environment while DI+ falling (26.06, decreasing) and DI- showing a dip-and-reversal (14.74) both indicate increasing downside directional pressure; that combination favors short‑term bearish bias against the backdrop of a measurable trend.
MACD: MACD sits at 0.18 below its signal line at 0.25 with a peak‑and‑reversal pattern, indicating bearish momentum and implying near‑term momentum has rolled over from prior strength.
MRO: The MRO reads 1.92 (positive), which implies price sits modestly above the model target and faces mild mean‑reversion pressure toward fair value in the near term.
RSI: RSI at 51.31 with a peak‑and‑reversal trend signals that upward momentum lost its advance and price momentum lacks bullish conviction despite being near neutral territory.
Price vs Moving Averages and Bands: The last close at $22.43 trades below the 20‑day average of $23.47 and near the lower Bollinger band ($22.47 at 1x stddev), showing short‑term selling pressure; price remains above the 200‑day average ($20.81), which offers longer‑term support. The 12‑day EMA shows a peak‑and‑reversal pattern consistent with the broader momentum shift.
Volatility and Beta: Forty‑two‑day beta at 3.42 signals elevated short‑term sensitivity to market moves compared with the 52‑week beta of 0.93; expect outsized intraday swings relative to the broader twelve‑month beta while the short‑window beta remains elevated.
Fundamental Analysis
Profitability: Operating income of $10,898,000 and EBIT of $11,985,000 translate to an operating margin of 9.45% and an EBIT margin of 10.39%. QoQ improvement shows EBIT margin expanded roughly 88.0% quarter‑over‑quarter and 49.3% year‑over‑year, reflecting margin recovery from prior periods. The EBIT margin sits below the industry peer mean of 26.64% and below the industry peer median of 23.68%, while remaining comfortably above the industry peer low within the peer range.
Cash Flow & Liquidity: Cash and short‑term investments total $59,690,000 with operating cash flow of $10,511,000 and free cash flow of $8,244,000; free cash flow yield equals 2.92%, above the industry peer mean of 1.41%. Current ratio at 1.64 and quick ratio at 1.35 indicate sufficient near‑term liquidity, and the cash conversion cycle contracted by about 22.3% year‑over‑year.
Leverage: Total debt of $90,921,000 produces net debt of $27,900,000 and debt/EBITDA of 6.45; debt‑to‑assets sits at 14.36%, below the industry peer mean of 27.36% while interest coverage at 6.64 falls short of the industry peer mean of 9.45, showing serviceability but less cushion versus peers on an interest‑coverage basis.
Revenue and Growth: Total revenue of $115,340,000 for the period and trailing revenue growth of 2.40% with year‑over‑year revenue growth of 18.66% indicate top‑line expansion; revenue per share stands at $9.09. R&D of $7,434,000 supports product development such as the IRU600 ETSI release.
Valuation Metrics: PE ratio at 55.70 contrasts with forward PE of 26.48 based on forward EPS of $0.795, signaling forward earnings expectations meaningfully lower than trailing multiples; price‑to‑book stands at 1.07. WMDST values the stock as under‑valued given current free cash flow yield, improving margins, and the forward multiple compression implied by the guidance update.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-09-10 |
| NEXT REPORT DATE: | 2025-12-09 |
| CASH FLOW | Begin Period Cash Flow | $ 51.7 M |
| Operating Cash Flow | $ 10.5 M | |
| Capital Expenditures | $ -2.27 M | |
| Change In Working Capital | $ -2.98 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 10.3 M | |
| End Period Cash Flow | $ 62.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 115.3 M | |
| Forward Revenue | $ 56.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 75.9 M | |
| Depreciation | $ 1.4 M | |
| Depreciation and Amortization | $ 2.1 M | |
| Research and Development | $ 7.4 M | |
| Total Operating Expenses | $ 104.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 39.5 M | |
| EBITDA | $ 14.1 M | |
| EBIT | $ 12.0 M | |
| Operating Income | $ 10.9 M | |
| Interest Income | — | |
| Interest Expense | $ 1.8 M | |
| Net Interest Income | $ -1.81 M | |
| Income Before Tax | $ 10.2 M | |
| Tax Provision | $ 5.0 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 5.2 M | |
| Net Income From Continuing Operations | $ 5.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.36 | |
| EPS Actual | $ 0.40 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 11.111 % | |
| Forward EPS | $ 0.80 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 633.3 M | |
| Intangible Assets | $ 46.6 M | |
| Net Tangible Assets | $ 216.6 M | |
| Total Current Assets | $ 463.6 M | |
| Cash and Short-Term Investments | $ 59.7 M | |
| Cash | $ 59.7 M | |
| Net Receivables | $ 180.3 M | |
| Inventory | $ 84.0 M | |
| Long-Term Investments | $ 14.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 148.1 M | |
| Short-Term Debt | $ 18.6 M | |
| Total Current Liabilities | $ 282.2 M | |
| Net Debt | $ 27.9 M | |
| Total Debt | $ 90.9 M | |
| Total Liabilities | $ 370.1 M | |
| EQUITY | ||
| Total Equity | $ 263.2 M | |
| Retained Earnings | $ -577.17 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.74 | |
| Shares Outstanding | 12.740 M | |
| Revenue Per-Share | $ 9.09 | |
| VALUATION | Market Capitalization | $ 282.7 M |
| Enterprise Value | $ 314.0 M | |
| Enterprise Multiple | 22.275 | |
| Enterprise Multiple QoQ | -32.406 % | |
| Enterprise Multiple YoY | -38.143 % | |
| Enterprise Multiple IPRWA | high: 155.2 mean: 64.314 median: 62.152 AVNW: 22.275 low: -128.676 |
|
| EV/R | 2.722 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.406 | |
| Asset To Liability | 1.711 | |
| Debt To Capital | 0.257 | |
| Debt To Assets | 0.144 | |
| Debt To Assets QoQ | 16.421 % | |
| Debt To Assets YoY | 3104.688 % | |
| Debt To Assets IPRWA | high: 0.542 mean: 0.274 median: 0.244 AVNW: 0.144 low: 0.008 |
|
| Debt To Equity | 0.345 | |
| Debt To Equity QoQ | 14.186 % | |
| Debt To Equity YoY | 3590.919 % | |
| Debt To Equity IPRWA | high: 2.179 AVNW: 0.345 mean: 0.291 median: 0.14 low: 0.009 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.074 | |
| Price To Book QoQ | 15.889 % | |
| Price To Book YoY | -30.094 % | |
| Price To Book IPRWA | high: 26.154 mean: 6.684 median: 5.083 AVNW: 1.074 low: -11.218 |
|
| Price To Earnings (P/E) | 55.7 | |
| Price To Earnings QoQ | 162.032 % | |
| Price To Earnings YoY | 28.726 % | |
| Price To Earnings IPRWA | high: 176.345 mean: 93.656 median: 90.525 AVNW: 55.7 low: -43.675 |
|
| PE/G Ratio | -1.021 | |
| Price To Sales (P/S) | 2.451 | |
| Price To Sales QoQ | 16.299 % | |
| Price To Sales YoY | -29.018 % | |
| Price To Sales IPRWA | high: 34.766 median: 16.502 mean: 15.889 AVNW: 2.451 low: 0.438 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 26.481 | |
| Forward PE/G | -0.485 | |
| Forward P/S | 5.05 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 38.589 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.183 | |
| Asset Turnover Ratio QoQ | -0.787 % | |
| Asset Turnover Ratio YoY | -17.662 % | |
| Asset Turnover Ratio IPRWA | high: 0.457 AVNW: 0.183 median: 0.142 mean: 0.141 low: 0.074 |
|
| Receivables Turnover | 0.644 | |
| Receivables Turnover Ratio QoQ | -1.498 % | |
| Receivables Turnover Ratio YoY | -16.225 % | |
| Receivables Turnover Ratio IPRWA | high: 3.252 mean: 1.993 median: 1.691 AVNW: 0.644 low: 0.61 |
|
| Inventory Turnover | 0.857 | |
| Inventory Turnover Ratio QoQ | -0.921 % | |
| Inventory Turnover Ratio YoY | -31.399 % | |
| Inventory Turnover Ratio IPRWA | high: 2.635 median: 1.596 mean: 1.197 AVNW: 0.857 low: 0.229 |
|
| Days Sales Outstanding (DSO) | 141.755 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 74.145 | |
| Cash Conversion Cycle Days QoQ | -12.985 % | |
| Cash Conversion Cycle Days YoY | -22.329 % | |
| Cash Conversion Cycle Days IPRWA | high: 378.023 mean: 107.971 AVNW: 74.145 median: 50.228 low: -74.166 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.636 | |
| CapEx To Revenue | -0.02 | |
| CapEx To Depreciation | -1.644 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 332.1 M | |
| Net Invested Capital | $ 350.8 M | |
| Invested Capital | $ 350.8 M | |
| Net Tangible Assets | $ 216.6 M | |
| Net Working Capital | $ 181.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.212 | |
| Current Ratio | 1.643 | |
| Current Ratio QoQ | 1.49 % | |
| Current Ratio YoY | -11.277 % | |
| Current Ratio IPRWA | high: 6.941 mean: 1.866 AVNW: 1.643 median: 1.446 low: 0.533 |
|
| Quick Ratio | 1.345 | |
| Quick Ratio QoQ | 4.405 % | |
| Quick Ratio YoY | -14.159 % | |
| Quick Ratio IPRWA | high: 6.155 mean: 1.559 AVNW: 1.345 median: 0.949 low: 0.415 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.451 | |
| Cost Of Debt | 1.694 % | |
| Interest Coverage Ratio | 6.636 | |
| Interest Coverage Ratio QoQ | 65.958 % | |
| Interest Coverage Ratio YoY | -22.311 % | |
| Interest Coverage Ratio IPRWA | high: 29.094 mean: 9.449 median: 8.292 AVNW: 6.636 low: -17.859 |
|
| Operating Cash Flow Ratio | 0.087 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 177.802 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.789 % | |
| Revenue Growth | 2.397 % | |
| Revenue Growth QoQ | -150.989 % | |
| Revenue Growth YoY | 18.663 % | |
| Revenue Growth IPRWA | high: 42.796 % mean: 5.619 % median: 3.554 % AVNW: 2.397 % low: -38.099 % |
|
| Earnings Growth | -54.545 % | |
| Earnings Growth QoQ | -845.456 % | |
| Earnings Growth YoY | 3881.387 % | |
| Earnings Growth IPRWA | high: 200.0 % mean: 2.846 % median: 2.128 % AVNW: -54.545 % low: -400.0 % |
|
| MARGINS | ||
| Gross Margin | 34.217 % | |
| Gross Margin QoQ | -1.918 % | |
| Gross Margin YoY | -1.4 % | |
| Gross Margin IPRWA | high: 92.046 % median: 65.249 % mean: 57.425 % AVNW: 34.217 % low: -12.056 % |
|
| EBIT Margin | 10.391 % | |
| EBIT Margin QoQ | 88.004 % | |
| EBIT Margin YoY | 49.253 % | |
| EBIT Margin IPRWA | high: 73.378 % mean: 26.637 % median: 23.677 % AVNW: 10.391 % low: -62.082 % |
|
| Return On Sales (ROS) | 9.449 % | |
| Return On Sales QoQ | 70.961 % | |
| Return On Sales YoY | 35.722 % | |
| Return On Sales IPRWA | high: 68.34 % mean: 26.387 % median: 23.677 % AVNW: 9.449 % low: -60.161 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 8.2 M | |
| Free Cash Flow Yield | 2.916 % | |
| Free Cash Flow Yield QoQ | -691.481 % | |
| Free Cash Flow Yield YoY | 52.83 % | |
| Free Cash Flow Yield IPRWA | high: 12.99 % AVNW: 2.916 % mean: 1.406 % median: 1.222 % low: -17.084 % |
|
| Free Cash Growth | -804.014 % | |
| Free Cash Growth QoQ | 655.567 % | |
| Free Cash Growth YoY | 1527.921 % | |
| Free Cash Growth IPRWA | high: 210.717 % median: 86.903 % mean: 35.851 % low: -296.304 % AVNW: -804.014 % |
|
| Free Cash To Net Income | 1.586 | |
| Cash Flow Margin | 21.297 % | |
| Cash Flow To Earnings | 4.727 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.824 % | |
| Return On Assets QoQ | 42.808 % | |
| Return On Assets YoY | 847.126 % | |
| Return On Assets IPRWA | high: 9.389 % mean: 2.838 % median: 2.066 % AVNW: 0.824 % low: -12.112 % |
|
| Return On Capital Employed (ROCE) | 3.414 % | |
| Return On Equity (ROE) | 0.02 | |
| Return On Equity QoQ | 43.324 % | |
| Return On Equity YoY | 1028.571 % | |
| Return On Equity IPRWA | high: 0.399 mean: 0.092 median: 0.054 AVNW: 0.02 low: -0.306 |
|
| DuPont ROE | 2.002 % | |
| Return On Invested Capital (ROIC) | 2.699 % | |
| Return On Invested Capital QoQ | 89.404 % | |
| Return On Invested Capital YoY | -126.818 % | |
| Return On Invested Capital IPRWA | high: 12.105 % mean: 4.57 % median: 3.764 % AVNW: 2.699 % low: -5.305 % |
|